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Voluntarily Surrendered my home.....

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Hi all


I'm new to this but in Jan 2008, I was made redundant from a £31k a year job (in the mortgage industry) and couldn't get another of that level locally. I have 2 boys under 7 and local jobs were a must, no way could I commute to larger cities.


The lovely people I spent over 7 years working for didn't pay my final salary, notice or redundancy money, it would have been over £7k in all. I took them to court and got £4k (including over £700 in court expenses) but it was too little too late.


To cut a long story short, I took an admin job at £15k per year just to have some cash coming in, sold my BMW and bought a crappy old banger, borrowed from my mum and dad just to keep our home until one day it dawned on us both that it had all been pointless. We were in negative equity too by the way so couldn't sell as Northern Rock wanted more than the house was worth to clear the land registry (or something like that)


I would probably never again find a local job that paid so well :sad: so once our possessions had been sold and the £'s pumped into the mortgage...what next?


It took a lot for me to admit defeat, I'd wanted a big house with lots of space ever since I can remember. The kids were happy there. It was decided between my husband and myself that we needed to cut our losses (what a waste of money too, selling our stuff and kind of 'wasting' it - gutted!)


To afford deposits and rent a home we had to stop paying everyone except the council tax and utilities. This was very hard as we always were so good at paying our debts on time. In August 2008 we'd saved enough for a deposit on a bungalow with a lovely back garden and allotment area. So we moved and I cried :Cry:


Our house was worth £239,950 when we bought it in October 2005, Northern Rock sold it in December 2008 for just £163,000. Someone has a 5 bed bargain there! I had to ring Northern Rock in Jan 09 to make sure it had sold, they didn't let me know at all. I spotted the sold sign outside one day.


Since then, I have had a completion statement from them (not a detailed one either) and nothing else. I am obviously liable for the difference in the amount borrowed and the amount they sold the house for so why aren' t they after me?


Not that I mind being left alone, the other wolves are beating my door down all by themselves but I just wondered what to expect next?

Any clues would be good (if you know what happens in such situations). They know I will never afford to pay them off, once they begin hounding me i'll just have to go bankrupt, cash is so tight right now (down side of having an old banger I guess, it keeps needing fixing :mad:) my other half works but overtime/bonus is now none existent so we just about manage with the rent and utilities in the rented house. I am happier here, no huge mortgage is a good thing BUT I want my own house, a place where the decor is my choice etc. I feel at a loss right now, sort of in financial limbo!


Sorry for waffling, thanks for reading. Like i say any advice would we great.


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You have enough on your plate, try not worry about what has not happened.


Be positive, they may never come after you for the difference. As they are now nationalised, they may take a different approach.

If I have been helpful please click on my star and add a comment.

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I know, you're right. Keep everything crossed and I might not ever hear from them again. Just felt like a moan, it's not been a good week and I'm feeling a bit cheesed today :o

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Hi, as Guido says try not to worry too much. If they do come after you for the shortfall you will need to make them prove they have followed all the correct procedures for marketing and selling of your property - especially if you know it has been undersold. If there are any irregularities in the way they handled the sale then the ball will be in your court not theirs.


Anyway, for the time being, try and relax in your new surroundings and tackle each debt as and when they surface. You will get all the help and support you need on these forums as there are many others who have been/are in your position. The wealth of experience of other posters will help you through.


Stay positive :)



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My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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Thank you Ell-enn

To be honest just writing all this down helped me feel better.


We aren't doing so badly with the 'other' debts (and there are many). So far I've cleared an old Electricity bill and half a gas bill (at my own pace not at the pace EON wanted) and I've begun paying off a large water bill (again got them to agree to my amount not the huge figure they wanted each month)


Littlewoods have just caught up with me and but they've sold on my debt. I sent a CCA request to the DCA and they say Littlewoods haven't responded within the 12 days, maybe they can't find it? This means the DCA can't do anything to me (they wanted huge amounts each month too) :)


I hate being in this position, it's all a new experience and one I never want to repeat once it's over!


Thanks again for taking the time to post back.


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  • 2 months later...



Exactly the same happened to me. Fortunately (for me) I'm about 3 years further down the line. Abbey sold my house for £170k in 2006 when it was up for £200k.


I complained re the low price via Financial Ombudsman but no joy. You may have luck though as yours was a bigger reduction.


The 2nd charge on my property was with GE Money. They waited a year before asking me for the £10k shortfall. Eventually I started paying £50 per month.

I noted on my credit file last month that the settlement figure shot down from £9500 to £700. I asked them for one in writing and they sent a letter saying it was £600 but to call them for an offer. I called offered £300 and they accepted. I paid, no questions asked!


Your luck changes all the time. 3 years on. I have no debt, no credit cards and have built up some modest savings. I can't get a very good mortgage rate for another few years but when I can I'll be a lot wiser!

In your case Northern Rock may never even contact you so I wouldn't start chasing them.

Hang on in there though!!

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